Jindalee Resources Ltd (ASX:JRL) has been granted a trading halt by the ASX ahead of receiving final assays from a drilling program completed in 2020 at the McDermott Lithium Project in the US.
The halt will remain in place until the start of regular trading on Friday, March 12, 2021, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at $1.52 and since closing at 73 cents on December 30, 2020, have been as high as $2.18 on February 2, 2021, a record high.
Drill results confirm extension to resource
On March 5 the company received results from 11 holes of a 15-hole program completed late in 2020 which extended the McDermitt lithium resource in southeast Oregon and confirmed substantial thickness and continuity of mineralisation from surface.
The assays for hole MDRC012 include 58 metres at 1611ppm lithium from 1.5 metres, including 12.2 metres at 2617ppm lithium and 27.4 metres at 1477ppm lithium from 88.9 metres.
Density of drilling is expected to be adequate to extend the current inferred mineral resource and exploration target and convert existing inferred mineral resources to indicated status ahead of a possible scoping study.